The Show Must Go On
The conventions and trade shows organized by trade associations and professional societies are typically an important source of revenue for those organizations. With the economic recession and the downturn in
corporate travel, the need for associations to make a better case for the importance of their conventions and trade shows has never been more urgent. Thanks to new research from Tradeshow Week magazine, association executives have several additional data points to help them get that point across.
Tradeshow Week magazine surveyed a total of 323 executives and managers, which included a cross-section of respondents in a range of industry sectors. The survey found that 96 percent of CEOs and other senior executives said they are attending their industry’s most important events this year despite—or perhaps because of—current business conditions. A series of questions on the value of events received highly positive responses, including:
• A significant 89 percent of the survey respondents said they are going to the most important events in their industry.
• Eighty-seven percent agreed that conventions and tradeshows are essential for comparing products and meeting suppliers in person.
• Fifty-four percent said that smaller crowds at events this year have enabled them to be more efficient when at the show.
• Fifty percent of attendees said that missing key events may negatively impact their future personal or organizational performance.
Although travel budgets are under scrutiny in nearly every industry, 59 percent of the respondents to the Tradeshow Week survey believe their travel budgets will rebound within a year after seeing an economic or sales turnaround, and 42 percent say their travel budgets will rebound even quicker—within six months—of a turnaround in the economy.
Even with tighter exhibitor budgets, 84 percent of the respondents say they will participate in more or the same number of conventions and trade shows over the next two years. A whopping 88 percent of respondents said that conventions and trade shows will continue to be a critical part of their product sourcing and buying process over the next five years.
According to Tradeshow Week, the findings indicate that in a challenging economy it is even more important to keep up-to-date with industry trends, see new products and services, and maintain and build relationships—all areas in which association conventions and trade shows provide significant value and efficiency. In short, attending conventions and tradeshows during a recession keeps executives informed and competitive.
A detailed report on the findings of this survey along with a 40-slide PowerPoint file that your association can use to help support your convention and trade show marketing efforts is available from Tradeshow Week for $149. For more information or to order, contact Michael Hughes at (480) 483-4461.
Tim Schneider
Schneider Publishing Company